PART II. DIRECT BRANCH, AGENCY, AND REPRESENTATIVE OFFICES OF

FOREIGNBANKS

 

[§412:13-200]  Purpose.  Consistent withthe federal International Banking Act, the Bank Holding Company Act, theFederal Deposit Insurance Act, and the Interstate Banking and BranchingEfficiency Act, this part is intended:

(1)  To authorize banking activities and operations,under state licenses issued by the commissioner, of direct branch and agencyoffices in this State of foreign banks, generally under terms and conditions notless favorable than the terms and conditions under which the activities andoperations may be conducted by federal branch or agency offices of foreignbanks in the United States, and to set forth a statutory framework for thelicensing, regulation, and supervision of state-licensed offices of foreignbanks by the commissioner to assure the safe and sound operation of the officesthat are licensed under the laws of this State; and

(2)  To authorize representative offices in this Stateof foreign banks, and to set forth statutory provisions governing the licensingand supervision of these offices by the commissioner. [L 1996, c 155, pt of §2]